| A | B |
|---|
| Income | The amount of money you earn regularly |
| Gross Pay | Total pay before deductions |
| Net Pay | The final amount you take home |
| Income Tax | Tax paid based on income |
| Social Security | A federal program providing disability/retirement benefits |
| Medicare | A federal health care program for retired persons |
| F.I.C.A. | The money withheld from paycheck for Social Security |
| Budget | A plan for spending/saving |
| Fixed expenses | Same each month - Rent, Car, Insurance |
| Flexible expenses | Can be adjusted - medical expenses, Entertainment, clothing |
| Interest | Money bank pays you for using your money |
| Scholarship | Money awarded to students based on need or performance |
| Loan | Money borrowed to be paid back |
| Grant | Money provided by the government for education |
| Work Study | Working in a related field to your course of study |
